Energy Fuels to Acquire ASM for $299M, Adds 6,000 tpa NdPr Capacity
Energy Fuels will pay US$299 million for Australian Strategic Materials to create the largest integrated mine-to-metal rare earth producer outside China, targeting 6,000 tpa NdPr, 240 t Dy and 66 t Tb at its combined mills. Its White Mesa Mill will maintain uranium and vanadium output for steady cash flow.
1. Acquisition of Australian Strategic Materials
Energy Fuels agreed to acquire ASM for US$299 million, merging ASM’s Korean Metals Plant with its White Mesa Mill to create the world’s largest integrated mine-to-metal rare earth operation outside China.
2. Rare Earth Production Targets
The combined operation aims to produce 6,000 tonnes per annum of NdPr, 240 tonnes of dysprosium and 66 tonnes of terbium, strengthening U.S. critical minerals supply chains and reducing reliance on foreign sources.
3. Uranium and Vanadium Operations
Energy Fuels’ White Mesa Mill will continue processing uranium and vanadium, delivering stable cash flow that supports the rare earth expansion and leverages existing infrastructure for vertical integration.